Insurance and Investments
Annually, Olathe Public Schools purchases insurance coverage in the following categories:
- Builders Risk
- Fiduciary liability
The district maintains limited student accident insurance on all students, providing coverage during normal school hours and for normal student activities (excluding sports related activities).
Additionally, the district acquires (through the Kansas State High School Activities Association) catastrophic insurance for student athlete, cheerleader, and pompom squad participants.
Merle Hastert — Director of Risk Management / Treasurer
The Olathe School District recognizes that effective cash management is an integral component of good financial management. Therefore, the district funds deemed idle, based on projected cash flow, are invested in a manner that seeks to maximize their productivity until such time as they are needed for the operations of the district. The district’s investment portfolio shall be designed and managed to ensure public trust and be consistent with state laws. The primary objective of the Olathe School District's treasury is to safeguard government funds while providing for adequate liquidity to meet the district’s daily needs. Investments shall be at the highest rates obtainable at the time of the investment, within the limitations of the law and the district’s investment policy. The priorities for investment decisions are (in order of importance):
- Safety of principal
- Adequate liquidity to meet daily operating needs
The district treasurer is responsible for:
- Investment of district funds not needed to meet current expenditures, and investment and management of bond proceeds from bond issues.
- Ensuring financial integrity of the district by providing timely collection, investment and disbursement of all district funds.
- Administering all cash-related transactions for the school district. District cash is managed so that all cash not immediately needed for district expenditures are temporarily invested in U.S. Treasury and agency securities; fully collateralized bank deposits, and perfected repurchase agreements. By state law, the district’s portfolio is authorized to invest in maturities of two years or less.
The market value of investments that are held in the portfolio at any given time range from $50 million to $125 million. This depends on the receipt and distribution cycle from the Kansas Department of Education and the Johnson County treasurer. On average, the district disburses over $35 million on payroll, supplies, utilities, and capital expenditures per month.
Board Authorized Financial Institutions (2019-20)
- BOK Financial Securities, Inc.
- Capitol Federal Bank
- Commerce Bank
- First National Capital Markets
- FTN Financial Capital Markets
- Piper Jaffray & Co.
- UBS Financial Services, Inc.
- U.S. Bank
- Wells Fargo Bank